company profile 2q19mint.listedcompany.com/misc/presentation/20190819-mint... · 2019-08-19 ·...
TRANSCRIPT
Company Profile – 2Q19
Vision
2
To be a leader in delivering exceptional experiences that anticipate and satisfy customers’ aspirations and positively impact stakeholders
Customer Focus
Result Oriented
People Development
Innovative Partnership
Overview
MINT’s Key Milestones
3
Joint venture with
in African Assets
Founded
RGR, MFG and MINOR
listed
M&A of RGR and MFG and became
Launched
Founded
50% stake in
70% stake in
Completed group
business restructuring;
Delisted
1978 1980 1982 1988-9 2000-1 2003 2008 2009 2010-11 2012-13 2014 2015 2016 2017 2018
100% stake in
Launched
Increased stake to 31% in
50% stake in
49% stake in
11% stake in
Increased stake to 100% in
49% investment in hotel & mixed use project in Maputo,
Mozambique
Acquired
in Australia
Acquired 7 hotels
Launched
Invested in
Increased stake to 69.2% in
Acquired additional 20% stake in
Acquired remaining 7
hotels & brand
Acquired additional stake from
in hotels in Africa
Acquired 74% stake in
Founded
Launched
75% stake in
Increased stake to 100% in
94.1% stake in
Overview
MINT – Consistent Growth
4
Total Revenues
0
20,000
40,000
60,000
80,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
THB Million
0
30,000
60,000
90,000
120,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
0
100,000
200,000
300,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
THB Million
THB Million
Assets
Market Cap
Overview
MINT – Today
5
Overview
Shared Services
Hotel
• Equity-Owned• Hotel and Serviced Suites
Management• Spa
Mixed-Use
• Plaza & Entertainment• Residential Development• Point-Based Vacation Club
Casual Dining Restaurants
• Equity-Owned• Franchised
Manufacturing
• Cheese & Ice-cream• Ice-cream Ingredients and
Toppings• Coffee Roasting
Minor Hotels Minor Food
MINT – Contributions by Business Groups & Geographies
6
Overview
2018 EBITDA Contribution 2018 NPAT Contribution
Minor Lifestyle 2%
Minor Food22%
Minor Hotels76%
Minor Lifestyle 2%
Minor Food26%
Minor Hotels72%
Thailand39%
Overseas61%
Thailand22%
Overseas78%
2018 Revenue ContributionMINT
2018 Revenue ContributionMinor Hotels
2018 Revenue ContributionMinor Food
Thailand65%
Overseas35%
2018 Revenue Contribution
Minor Lifestyle 6%
Minor Food30%
Minor Hotels64%
*Core operations, excluding non-recurring items
MINT’s Presence
7
Overview
Enhance profile, reputation & recognition with 523 hotels and serviced suites, 2,268 restaurant outlets and 60 spas. With the recent investment in NH Hotel Group, MINT has expanded its operations to a total of 63 countries.
AfricaBotswana
Egypt
Kenya
Lesotho
Mozambique
Namibia
Seychelles
Tanzania
Tunisia
South Africa
Zambia
Asia PacificAustralia
Cambodia
China
India
Indonesia
Korea
Laos
Malaysia
Maldives
Myanmar
New Zealand
Pakistan
Singapore
Sri Lanka
Thailand
Vietnam
The AmericasCanadaUSAArgentinaBrazilChileColombiaCubaDominican RepublicEcuadorHaitiMexicoUruguay
EuropeAustria
Belgium
Czech Republic
France
Germany
Hungary
Italy
Luxemburg
Poland
Portugal
Romania
Slovakia
Spain
Switzerland
The Netherlands
UK
Middle East
Bahrain Oman
Jordan Qatar
Kuwait Saudi Arabia
Lebanon UAE
Minor Hotels Minor Food Minor Lifestyle
To be a leading hospitality partner maximizing shareholder value
Minor Hotels
Hotel Portfolio – 523 Properties, 76,466 Rooms (1/2)
9
Minor Hotels
Majority Owned Leased Joint-venture Managed MLR* Total
# Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms
Asia 22 3,066 11 1,187 16 3,008 49 7,261
12 1,654 3 329 9 1,125 24 3,108
5 772 3 393 7 1,883 15 3,048
1 78 1 78
Others 5 640 4 387 9 1,027
Middle East 16 2,152 1 168 17 2,320
9 1,237 9 1,237
1 216 1 216
3 264 1 168 4 432
3 435 3 435
Oceania 2 445 57 6,821 59 7,266
4 447 4 447
2 445 53 6,374 55 6,819
*MLR is management letting rights (management of serviced suites)
Hotel Portfolio – 523 Properties, 76,466 Rooms (2/2) Minor Hotels
Majority Owned Leased Joint-venture Managed MLR* Total
# Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms
Europe 65 11,287 205 31,411 36 4,281 306 46,979
1 280 1 132 2 412
1 119 1 119
8 1,538 42 6,614 9 1,309 59 9,461
46 7,456 159 23,837 23 2,518 228 33,811
3 828 1 150 4 978
9 1,894 2 159 11 2,053
Others 1 145 1 145
Americas 24 3,589 21 2,512 19 4,582 64 10,683
6 866 10 1,333 5 738 21 2,937
16 2,219 10 1,050 9 1,407 35 4,676
2 504 2 504
Others 1 129 5 2,437 6 2,566
Africa 4 754 1 198 17 839 6 166 28 1,957
1 173 2 56 3 229
3 581 3 448 1 124 7 1,153
1 198 1 198
Others 12 335 5 42 17 377
Grand Total 117 19,141 227 34,121 28 2,026 93 14,189 58 6,989 523 76,466
10*MLR is management letting rights (management of serviced suites)
Anantara – Life is a Journey
11
Minor Hotels
A luxury brand for modern travelers, Anantara opens the door to unforgettable experiences in the world’s most exciting destinations.
AVANI – The Details That Matter
12
Minor Hotels
Blending modern lifestyle features, a passion for design and smooth seamless service, AVANI offers all the meaningful details that matter for a great stay.
Oaks – Welcome Home to Oaks
13
Minor Hotels
Spacious, contemporary serviced studios and suites. Offering peace of mind, effortless short or long stays, and essential comforts.
NH Hotel Group – A Leading European Hospitality
14
Minor Hotels
Mid- to upscale urban hotels for guests who demand excellent location and the best value for money Premium hotels in
exceptional places for extraordinary memories
Design hotels that are unconventional and
cosmopolitan14
Boutique Hotel Brands with Unique Luxury Experience
15
Minor Hotels
Experience MoreFrom thriving cities to beach paradises, a
diverse portfolio of hotels and resorts, welcoming guests with the exceptional
comfort and a sense of wellbeing.
The Ultimate African ExperienceAn unrivalled collection of luxury lodges,
camps and hotels in select locations chosen to give inside, privileged access
to the best of Kenya and Tanzania.
7,028 6,553 5,788 6,2284,5754,168 4,293
3,685 3,8653,117
59%66% 64% 62%
68%
0%
20%
40%
60%
80%
0
2,000
4,000
6,000
8,000
10,000
12,000
2014 2015 2016 2017 2018
Minor Hotels – Key Statistics
16
Minor Hotels
Anantara, 14%
AVANI, 5%
Oaks, 13%
Tivoli, 13%
NH Hotel Group, 35%
Others, 16%
Management fee, 3%
Management Letting Rights
*Core revenue, excluding mixed-use and non-recurring items
AUD Occupancy
THB Occupancy
THB Occupancy
2018 Revenue Breakdown By Brand*
Managed Hotels
Owned & Leased Hotels
RevParADROccupancy
164 166 174 177 179
124 127 133 138 141
76% 76% 77% 78% 79%
0%
20%
40%
60%
80%
0
50
100
150
200
250
2014 2015 2016 2017 2018
6,748 7,038 6,724 6,1085,309
3,7374,400 4,241 3,917 3,378
55%
63% 63% 64% 64%
0%
20%
40%
60%
0
2,000
4,000
6,000
8,000
10,000
2014 2015 2016 2017 2018
12% OF MINOR HOTELS REVENUES IN 2018
75% OF MINOR HOTELS REVENUE IN 2018
3% OF MINOR HOTELS REVENUES IN 2018
RevParADROccupancyRevParADROccupancy
Plaza & Entertainment
17
Minor Hotels
MINT owns and operates three shopping plazas:
Royal Garden Plaza Pattaya
Turtle VillagePhuket
Riverside PlazaBangkok
MINT also operates seven entertainment outlets
Anantara Vacation Club
18
Minor Hotels
MINT introduced “Anantara Vacation Club” (point-based vacation club project) in December 2010, withinventory in Samui, Phuket, Bangkok, Chiang Mai in Thailand, Bali in Indonesia, Queenstown in New Zealand andSanya in China. Additional destinations will be added to the inventory over the years.
Residential Property Development
19
Minor Hotels
Avadina Hills By Anantara, Phuket16 modern villas, forested hillsides above Layan Beach, adjacent to Anantara Layan Phuket Resort
Layan Residences by Anantara, Phuket15 uniquely designed pool villas adjacent to Anantara Layan Phuket Resort
The Estates Samui14 luxury villas adjacent to Four Seasons Resort Koh Samui
Anantara Chiang Mai Serviced Suites44 condominium units across from Anantara Chiang Mai Resort
Torres RaniOf the 187 luxury apartments in Maputo, Mozambique, 6 penthouses are for sale
Minor Hotels – Financial Performance
20
Minor Hotels
THB Million
Revenue
EBITDA
NPAT
EBITDA Margin
NetMargin
20172015
28.9% 25.7%
13.5% 10.1%
2014
19,243 23,547
27,758 30,970
50,577
5,561 6,146 7,146 7,685
12,290
2,600 3,009 2,811 3,375
4,307
2016
26.1%
12.8%
Note: Core operations, excluding non-recurring items
24.8%
10.9%
2018
24.3%
8.5%
To be a leading food operator maximizing stakeholders’ value
Minor Food
Minor Food Portfolio – 2Q19
22
Minor Food
THAILAND INTERNATIONAL
Brand No. of OutletsThailand International
Equity Franchise Equity Franchise
544 262 150 2 130
322 119 173 1 29
66 56 - 10 -
516 258 256 2 -
115 109 - 6 -
468 55 - 61 352
88 12 - 55 21
75 - - 75 -
21 - 3 3 15
Others 53 46 - 7 -
Total Equity 1,139 917 - 222 -
Total Franchise 1,129 - 582 - 547
Grand Total 2,268 1,499 769
Riverside
Manufacturing
23
Minor Food
Two manufacturing plants in Thailand producing over 20,000 tons of cheese and ice cream per annum
Coffee roasting factory in Australia
Manufacturing of ice-cream ingredients and toppings
Minor Food – Key Statistics
24
Minor Food
The Pizza Company, 21%
The Coffee Club, 14%
Sizzler, 13%Swensen's, 10%
Dairy Queen, 6%
Burger King, 7%
Thai Express, 8%
Riverside, 11%
Others, 10%
*Core revenue, excluding non-recurring items
Same-store-sales Growth
2018 Revenue Breakdown by Brand*
Total-system-sales Growth
No. of Outlets
1,708 1,851
1,996 2,064 2,270
500
1,000
1,500
2,000
2,500
2014 2015 2016 2017 2018
0.4%
-0.2%
1.3%
-0.8%
-3.3%-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
2014 2015 2016 2017 2018
13.1%
11.2%
9.1%
5.1%
0.2%0.0%
5.0%
10.0%
15.0%
2014 2015 2016 2017 2018
Minor Food Financial Performance
25
Minor Food
1,550 1,572 1,684 1,913 1,521
THB Million
EBITDA Margin
Net Margin
16,754 18,626
23,022 23,582 23,484
2,817 3,127 3,843 4,285
3,647
16.8% 16.7%
9.3% 7.3%
16.8%
8.4%
20162014 2015
Note: Core operations, excluding non-recurring items
2017
18.2%
8.1%
Revenue
EBITDA
NPAT
2018
6.5%
15.5%
Others – Minor Lifestyle Portfolio – 2Q19
26
Minor Lifestyle
# Outlets
29
-
Fashion
# Outlets
84
42
81
Total 417
9
29
# Outlets
28
123
27
Household
6
23
Total 79
15
Manufacturing of acid-based fast-moving consumer goods
100K Tons / Year
Contract Manufacturing
Lifestyle
Scomadi
Minor Lifestyle – Statistics & Financial Performance
27
Minor Lifestyle
THB Million
Revenue
EBITDA
NPAT
EBITDA Margin
NetMargin
Same-Store-Sales Growth
Total-System-Sales Growth
-8.1%-6.3%
-0.1%
2.3%
-3.9%
-10.0%
-5.0%
0.0%
5.0%
2014 2015 2016 2017 2018
3.8%
-3.3%
8.4%
19.3%
9.0%
-10.0%
0.0%
10.0%
20.0%
2014 2015 2016 2017 2018
183
124 81
127 130
2016
10.4% 7.6%
4.9% 2.3%
3,703 3,505 3,505
4,091 4,439
384 300 267 304 307
2014
8.6%
3.5%
2015
Financial Performance
7.4%
3.1%
2017 2018
2.9%
6.9%
Key Financial Highlights
Resiliency of Thailand vs. MINT’s Responsive Strategies
29
Since 2000, Thailand has gone through several challenges, driven by both domestic and global factors. Geographical diversification and new initiatives including mixed-use development have proven to mitigate the risks, with MINT reporting profit all along.
-3,000
-1,500
0
1,500
3,000
4,500
6,000
-15%
0%
15%
30%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival
Source: Office of The National Economic and Social Development Board and Bank of Thailand
MINT’s Diversification Strategy
2000 – 2005
• Acquired Minor Food Group
• Launched own Pizza brand, The Pizza Company and opened TPC and SZ in China
• Launched own hotel brand, Anantara
• Entered into a JV to operate 3 hotels in the Maldives
• Launched the first timeshare project in Asia with Marriott
2006 – 2009
• Acquired Minor Corporation
• Invested in S&P Thailand, The Coffee Club Australia and Thai Express Singapore
• Entered into a JV with Serendib Sri Lanka and Elewana Africa
• Launched the first residential project, the Estates Samui
• Opened the first two overseas purely managed hotels in Bali and Abu Dhabi
2010 – 2018
• Invested in Beijing Riverside & Courtyard China, VGC in Australia, Corbin & King in the UK and non-US operations of Benihana
• Invested in hotels in Sri Lanka, Phuket, Vietnam, Cambodia, Zambia, Namibia, Botswana, Lesotho and Mozambique, in Oaks Hotels & Resorts in Australia, in Tivoli Hotels & Resorts in Portugal and Brazil and in NH Hotel Group in Spain
• Launched AVANI brand, Anantara Vacation Club, and the new residential projects, Layan Residences by Anantara, Avadina Hills by Anantara and Anantara Chiang Mai Serviced Suites
Pattaya Riot
AirportClosure
Tsunami RajprasongRiot
Bangkok Coup
FloodingSARS Sub-primeCrisis
Bangkok Shutdown Coup
THB Million
ErawanBombing
Mourning
Phuket Boat Incident
Financial Highlights
MINT Financial Highlights
30
Financial Highlights
THB Million THB Million
THB Million THB Million
Total Assets
Total Revenue
Total Equity
Net Profit
74,279 98,382 108,453 119,100
267,700
0
50,000
100,000
150,000
200,000
250,000
300,000
2014 2015 2016 2017 2018
30,024 36,711
40,797 50,504
83,074
0
15,000
30,000
45,000
60,000
75,000
90,000
2014 2015 2016 2017 2018
39,70045,678
54,285
78,499
39,78748,014
56,973 58,644
79,328
0
15,000
30,000
45,000
60,000
75,000
90,000
2014 2015 2016 2017 2018
4,3334,705 4,576
5,957
4,402
7,0406,590
5,415 5,445
0
2,000
4,000
6,000
8,000
2014 2015 2016 2017 2018
Core operation Reported Core operation Reported
MINT Financial Highlights
31
Financial Highlights
Return On Assets
EBITDA Margin
Return On Equity
Net Margin
22.1%21.0% 20.7% 20.9% 20.7%
22.2% 24.8%23.2%
19.8%
0%
10%
20%
30%
2014 2015 2016 2017 2018
10.9% 10.3%8.4% 9.2%
7.6%
11.1%
14.7%
11.6%
6.9%
0%
5%
10%
15%
2014 2015 2016 2017 2018
6.4%5.4%
4.4%4.8%
3.1%
6.6%
8.2%
6.4%
2.8%
0%
2%
4%
6%
8%
10%
2014 2015 2016 2017 2018
15.2%14.1%
11.8% 11.9%
8.9%
15.5%
21.1%
17.0%
8.2%
0%
5%
10%
15%
20%
25%
2014 2015 2016 2017 2018
Core operation Reported
MINT Financial Highlights - Others
32
Financial Highlights
Current Ratio
Interest-Bearing D/E
Dividend Per Share And Payout Ratio
Interest Coverage
0.25 0.35 0.35 0.40 0.40
0.10 35.6% 32.8% 33.7% 32.8% 31.0%*
0%
20%
40%
60%
0.00
0.10
0.20
0.30
0.40
2014 2015 2016 2017 2018
Cash Stock Payout Ratio
x x
x THB
1.11.2 1.2
1.0
1.5
0.0
0.5
1.0
1.5
2014 2015 2016 2017 2018
5.55.2
5.75.1
4.0
0.0
2.0
4.0
6.0
8.0
2014 2015 2016 2017 2018
1.0
1.5
0.9
1.3
0.9
0.0
0.4
0.8
1.2
1.6
2014 2015 2016 2017 2018
***
* EPS calculation based on core operation, excluding non-recurring items
Other Corporate Information
0
15
30
45
60
2001Investment
CashDividend
StockDividend
Warrants Capital Gain YTD Value
Minor Group34%
Foreign Institutions28%
Osathanugrah Group10%
Thai Institutions17%
Royal Family4%
Others7%
Shareholders & Management
34
Corporate Information
Shareholding Structure
Shareholders’ Return
THB
Management Structure
1. William E. Heinecke Chairman and Group Chief Executive Officer
2. Paul Charles Kenny Chief Executive Officer of Minor Food
3. Dillip Rajakarier Chief Operating Officer of Minor International Chief Executive Officer of Minor Hotels
4. Patamawalai Ratanapol Chief People Officer of Minor International
5. James Richard AmatavivadhanaChief Executive Officer of Minor Lifestyle
6. Brian James DelaneyCorporate Chief Financial Officer
7. Stephen ChojnackiChief Commercial Officer and General Counsel
8. John Scott Heinecke Chief Operating Officer - Hot Chain of Minor FoodAs of Aug 2019
34 1 26 75 8
As of July 2019
Sustainability Development
35
Corporate Information
Elevating People Development
Driving People DevelopmentWe focus our efforts in developing people, from grassroots to leaders, with education, skills and life-long learning, empowering them to achieve their highest potential.Fostering Social Responsibility MindsetWe encourage and foster a social responsibility mindset among our employees and with our partners.
Elevating Sustainable Value
Chain
Engaging in End-to-End Customer ExperienceWe strive to enrich our customers’ experiences through end-to-end engagement and by delivering the best products and services that provide 100% satisfaction.
Committing to Long-term and Sustainable PartnershipsWe foster long-term relationships with our partners along the value chain to achieve mutual sustainable benefits.
Managing Environmental ImpactWe commit to produce a positive environmental and social impact in the locations where we operate.
Elevating Good Governance
Practicing Good Corporate GovernanceWe build a strong platform for sustainable organization by practicing good corporate governance in all business operations.
Elevating Environmental
Protection
Recent Awards
36
Corporate Information
▪ 2018 All-Asia Executive Team Rankings: Honored Company in the Emerging Markets – Country Winner, Institutional Investor
▪ 2018 All-Asia Executive Team Rankings: Top 3 Thailand's Best CEO, Institutional Investor
▪ 2018 All-Asia Executive Team Rankings: Top 3 Thailand's Best IR Professional, Institutional Investor
▪ Best SET Sustainability Awards 2018 (SET Market Capitalization of Over THB100bn), Stock Exchange of Thailand
▪ Included in Dow Jones Sustainability Emerging Markets Index (DJSI) 2018 in Hotels, Resorts and Cruise Lines Industry(fifth consecutive year), S&P Dow Jones Indices and RobecoSAM
▪ Included in FTSE4Good Emerging Index 2018 (third consecutive year), FTSE Russell
▪ Included in MSCI ESG Leaders Indexes (February 2019), MSCI*
▪ Board Of The Year Awards 2018 (July 2019), Thai Institute of Directors
▪ Anantara Hotels & Resorts
o No. 9 World's Greatest Hotel Group, The Telegraph (UK)
o World's Best Awards: No. 13 Top Hotel Brands, Travel+Leisure (USA)
o Gold Stevie® Winner, The International Business Awards
o Readers’ Choice Awards: No. 4 Best Hotel Brand for Leisure, DestinAsian
▪ US 2019 Travel & Leisure World’s Best Awards
o Tivoli Palacio De Seteais Sintra Hotel – No. 1 Best Resort in Spain & Portugal
▪ Minor Food – Thailand’s Top Corporate Brand Values 2018 in F&B Sector, The Stock Exchange of Thailand & Chulalongkorn Business School
▪ First Runner Up in Top Curl Award 2018, International Dairy Queen
Overall Performance & Corporate
Minor Hotels
Minor Food
Minor Food – Thailand’s Top Corporate Brand Values 2018 in F&B Sector, The Stock
Exchange of Thailand & ChulalongkornBusiness School
Tivoli Palacio De Seteais Sintra Hotel – No. 1 Best Resort in Spain & Portugal, by US 2019
Travel & Leisure World’s Best Awards
*Disclaimer: The inclusion of Minor International Pcl. in any MSCI Index and the use of MSCI logos, trademarks, service marks or index names herein, Do not constitute asponsorship, endorsement or promotion of Minor International Pcl. by MSCI or any of its affiliates. The MSCI Indexes are the exclusive property of MSCI. MSCI and the MSCI Index names and logos are trademarks or service Marks of MSCI or its affiliates.